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No Jobs? Employment Is At 40-Year High For Those 55 And Up
IBD ^ | 05/04/2012 | By JED GRAHAM, INVESTOR'S BUSINESS DAILY

Posted on 05/04/2012 6:20:05 AM PDT by SeekAndFind

As the jobs crisis wears on, with payrolls still 5 million below their pre-recession peak, the share of age 55-and-older Americans working has recovered to near a 42-year high.

Workers under 55 have borne the brunt of the jobs recession, which may mean that its economic effects — due to long-term unemployment, underemployment and stretched household balance sheets — may linger.

Before the financial crisis, economists worried that labor shortages would develop in some occupations as baby boomers left the workforce.

But that's moved to the back burner since the recession began in December 2007. Job holders 55 and up have risen by 3.9 million — and fallen by 8.1 million among those under 55, Labor Department data show. It's been 50 months and counting since payrolls peaked, a post-war record. Labor releases the April jobs report on Friday morning.

Some of this shift reflects demographics. Thanks to aging baby boomers, the 55-and-older population has grown by just shy of 10 million since the end of 2007. Meanwhile, those age 35-44 have fallen by 2.5 million.

But that only explains part of the puzzle. Older workers are hanging on to jobs longer, in part because of lost housing wealth and smaller 401(k) balances than they had counted on.

Among those 55-and-up, the employment-to-population ratio barely dipped even in the depth of recession and is now higher than at the end of 2007. The ratio among those 25-54 remains about 4 percentage points lower than before the recession started.

For the 65-69 and 70-74 groups, the employed shares are up 1.1 percentage points and 1.6 percentage points, respectively, over the past four years.

(Excerpt) Read more at news.investors.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: jobs; unemployment

1 posted on 05/04/2012 6:20:11 AM PDT by SeekAndFind
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To: SeekAndFind

How about the unemployment numbers by age? Boomers may be hanging onto their jobs for dear life but if you are “seasoned” AND unemployed, you are SOL. Then there’s that whole underemployed thingie.


2 posted on 05/04/2012 6:24:50 AM PDT by NonValueAdded (Chen Guangcheng: Gutsy call, Obama /UltraMegaDrippingSarc)
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To: SeekAndFind

Not a healthy “jobs” indicator so much as an economically unhealthy indicator that fewer older people are unable to comfortably retire.


3 posted on 05/04/2012 6:24:54 AM PDT by PapaNew
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To: SeekAndFind

Lots of my fellow docs plan on working a long time since their retirement plans went poof.


4 posted on 05/04/2012 6:25:03 AM PDT by Kozak ("It's not an Election it's a Restraining Order" .....PJ O'Rourke)
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To: SeekAndFind

Many of the over 50 crowd are also working to support their unemployed kids, who have moved back with mom and pop.


5 posted on 05/04/2012 6:28:42 AM PDT by Huskrrrr
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To: NonValueAdded
Roosevelt Institute intern Charlie Eisenhood dug up this data on the unemployment rate by age and education from the Current Population Survey (CPS). Here it is in September 2010:



And here it was in December 2007 when the recession started:



Here is the difference between the two, along with the percent increase, so a (100%) is a doubling:



What jumps out for me? College educated 20-24 year olds have the highest percentage increase. This should hit against a structural unemployment story, as college educated people have the ‘freshest’ skills and incredibly high mobility. It’s worth pointing them out in particular because if their careers hit a rough spot hysteresis sets in and they’ll have serious wage losses years down the road.

The other thing that jumps out at me is that everyone 55-64 has more than doubled their unemployment rate. One thing we aren’t talking about enough is that someone who is 60 and has been unemployed for a year isn’t going to find a decent job again. Why don’t we temporarily lower the retirement age, conditional on a bunch of hoops?

Why don’t we do that especially rather than raising the retirement age, as the December debate is likely to be over, when 55-64 year olds have had such a large jump in unemployment?

What jumps out at you when you look at this data?
6 posted on 05/04/2012 6:30:32 AM PDT by SeekAndFind
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To: SeekAndFind


Repeat after me: "Do you want fries with that?"

7 posted on 05/04/2012 6:32:45 AM PDT by khelus
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To: SeekAndFind

As a 60 year old, I’m making more than ever. Enjoying work more than ever. And my incentive to retire is?


8 posted on 05/04/2012 6:33:04 AM PDT by cicero2k
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To: SeekAndFind
One thing we aren’t talking about enough is that someone who is 60 and has been unemployed for a year isn’t going to find a decent job again.

That sounds like me! 55 years old, 3 college degrees (BS, MS, PhD) and unemployed for almost 3 years. I can't wait to turn 65!

9 posted on 05/04/2012 6:37:28 AM PDT by Former Fetus (Saved by grace through faith)
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To: SeekAndFind
What jumps out at you when you look at this data?

That the best numbers fall into the unskilled categories, which tells me the jobs being created are not quality jobs. It also tells me that if you crank in the "underemployed" numbers, the story it would tell would be devastating.

10 posted on 05/04/2012 6:37:32 AM PDT by NonValueAdded (Chen Guangcheng: Gutsy call, Obama /UltraMegaDrippingSarc)
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To: cicero2k

RE: As a 60 year old, I’m making more than ever. Enjoying work more than ever. And my incentive to retire is?

Just curious, just exactly what do you do for a living? Maybe I’ll tell me school age kids to follow your footsteps...


11 posted on 05/04/2012 6:40:15 AM PDT by SeekAndFind
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To: SeekAndFind

Although I am employed/underemployed now, I can tell you that if you are over 50, unemployed for over six months, even with a graduate degree, getting back in the game is tough.

I can’t tell you how many times I was perfectly qualified for a job, and was told the employer did not want anyone unemployed for over six months, despite experience or education. Plus a few recruiters who did not work directly for the corporation basically alluded the if you were over 50+, forget it.

I think the stats reflect that older crowd is staying put, once they find a gig.


12 posted on 05/04/2012 6:42:30 AM PDT by RonboTex (Get off my lawn!!!!!!!!)
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To: SeekAndFind

I’m 58 and in IT. Getting work is easy if I contract. It is more difficult if I want to become an employee. That’s ok since the former pays more.

The reason for the difficulty is that companies want experienced people that are not too old. We are out of the “job for life” realm, but if you are over 55 they may get concerned about health care hits, training you in their specifics only to have you die or get too ill to work, etc. But with contracting, the more experience the better. An older guy can come in and do the work, mentor, and everything else until the contract, his health or his life ends, whichever comes first.


13 posted on 05/04/2012 6:43:17 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: Huskrrrr
Many of the over 50 crowd are also working to support their unemployed kids, who have moved back with mom and pop.

I fall into that group. So wish my son could find a better paying job.

14 posted on 05/04/2012 6:44:26 AM PDT by OB1kNOb (The prudent see danger and take refuge, but the simple keep going and pay the penalty. - Prov 22:3)
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To: SeekAndFind

This is why we need to kill all the old people with health care rationing.


15 posted on 05/04/2012 6:47:39 AM PDT by E. Pluribus Unum (Do I really need a sarcasm tag? Seriously? You're that dense?)
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To: SeekAndFind

Retiring early would be suicidal right now.


16 posted on 05/04/2012 6:53:14 AM PDT by Buckeye McFrog
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To: khelus
WAL-MART is the place to go for Seniors:


17 posted on 05/04/2012 6:54:04 AM PDT by SeekAndFind
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To: SeekAndFind

Gender discrimination is real. Women are the preferred protected class of US citizen today. At least it seems to be here in SE Michigan. Actually, it’s gender and age discrimination. More and more younger women have made careers of recruiting and hiring more and more younger women to work in Human Resources as recruiters, account managers and those women hire more women to work in as many other industries as they can. It’s a concerted effort to increase their numbers in the total workforce. This is typical of an era of unchecked liberalism. It happened during the Clinton years and its’ happening again right now.


18 posted on 05/04/2012 6:54:13 AM PDT by equaviator (There's nothing like the universe to bring you down to earth again.)
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To: SeekAndFind

Walmart’s eh?

I have also seen grey haired people who looked like they belonged in an office setting in fast food places and at food store check-outs.


19 posted on 05/04/2012 7:00:36 AM PDT by khelus
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To: PapaNew
Absolutley!
20 posted on 05/04/2012 7:31:08 AM PDT by jennings2004 (President Hayes, Mount Rushmore, telephone, Dear Leader...what a mix!)
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To: SeekAndFind
What jumps out at you when you look at this data?

What jumps out to me is why are we bringing in so many legal immigrants every year, i.e., 1.2 million? The decade ending 2010 was the highest in our history, yet there was a net loss of jobs during that same period. 25% of the legal adult immigrants who enter the US each year lack even a high school degree. We are importing poverty,

In fact, we are bringing in 125,000 legal foreign workers a month when you count those coming in on temporary work visas and permanent immigrants.

125,000 brand new foreign workers with work permits each month -- HERE'S THE PROOF

And the sad truth is that immigrants, legal and illegal, are using welfare programs to a much greater degree than native born Americans. Milton Friedman said that, “You cannot simultaneously have free immigration and a welfare state.” We have both.


21 posted on 05/04/2012 7:32:50 AM PDT by kabar
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To: SeekAndFind
“College educated 20-24 year olds have the highest percentage increase. This should hit against a structural unemployment story, as college educated people have the ‘freshest’ skills and incredibly high mobility.”

I'd argue that newly minted graduates don't yet have “skills”, they have knowledge.

22 posted on 05/04/2012 7:39:37 AM PDT by bitterohiogunclinger (Proudly casting a heavy carbon footprint as I clean my guns ---)
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To: bitterohiogunclinger

23 posted on 05/04/2012 7:40:43 AM PDT by SeekAndFind
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To: kabar

Great post! Thanks!


24 posted on 05/04/2012 7:41:11 AM PDT by khelus
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To: khelus
Some other charts you might find interesting:


25 posted on 05/04/2012 7:47:42 AM PDT by kabar
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To: Former Fetus

Your educational resume is similar to mine. I retired, ran into some budget challenges. Found a job (no talk in the interview about my being “overqualified” for the job) in a short period of time...started at ~$18,000 per year and after 3 years was up to ~$25,000. Was I happy with the pay rate? No. Was I happy to have a job that got me over the hump? Yes. Was I happy to work for people who respected me and my integrity with no BS even when dealing with the boss’s relatives? Yes. Was I happy to find support for difficult decisions from my supervisors? Yes. Was I happy when I had to resign due to wife’s difficult health that they said, “If you ever need a job, just call us...if we don’t have an opening, we will make one?” No to the first part, yes to the last part.


26 posted on 05/04/2012 7:48:00 AM PDT by jennings2004 (President Hayes, Mount Rushmore, telephone, Dear Leader...what a mix!)
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To: NonValueAdded
Boomers may be hanging onto their jobs for dear life but if you are “seasoned” AND unemployed, you are SOL.

Maybe not so much. You at least probably have the advantage of having recieved an education.

27 posted on 05/04/2012 7:51:49 AM PDT by tacticalogic ("Oh, bother!" said Pooh, as he chambered his last round.)
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To: tacticalogic

[in before the spelling police] the education I received and $5 will buy a cup of coffee at Starbucks. Perhaps I can get a job there as a barista.


28 posted on 05/04/2012 7:55:01 AM PDT by NonValueAdded (Chen Guangcheng: Gutsy call, Obama /UltraMegaDrippingSarc)
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To: NonValueAdded
[in before the spelling police] the education I received and $5 will buy a cup of coffee at Starbucks. Perhaps I can get a job there as a barista.

Last I heard, there were jobs going unfilled because employers couldn't find people able to comprehend written directions.

29 posted on 05/04/2012 8:03:05 AM PDT by tacticalogic ("Oh, bother!" said Pooh, as he chambered his last round.)
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To: equaviator

Between women taking over HR and SOX mandating that HR pretty much control the whole process, yes, it is becoming a woman’s world.

I have seen some real lulus take place in the last few years. I’ve also seen some amazing elevations of some very unremarkable people. The ones that slay me are the cases where people with less than 5 years experience are sent off on expat assignments. The rule used to be that you don’t go expat until you have gained relevant experience for about 15 years.


30 posted on 05/04/2012 8:12:22 AM PDT by Sequoyah101
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To: kabar
Cool thanks. I'll have to book mark those graphs.

Since you are obviously into research on the negative impact of flooding our country with low wage immigrants and cheap guest workers you might be interested in the Spring Issue of The Social Contract Magazine

I found How Record Immigration Levels Robbed American High-Tech Workers of $10 Trillion of particular interest.
31 posted on 05/04/2012 8:22:34 AM PDT by khelus
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To: OB1kNOb

I wish him luck. Fortunately my daughter found a job that supports her independent living, otherwise she was considering moving in with us.


32 posted on 05/04/2012 8:26:18 AM PDT by Huskrrrr
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To: SeekAndFind

I was laid off two years ago thanks to Hope and Change. I am 52 now. I refuse to keep supporting the socialist direction we are speeding in. Our farm is paid for and my wife still has a good job. I pick up odd jobs off the books to pay for gas and beer.


33 posted on 05/04/2012 8:30:58 AM PDT by Boiling point
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To: khelus
Thanks for the links. I go to the Writer's Workshop each year. I know Gene Nelson, the author of the article you linked.

Until we start linking immigration to national employment policy and the importation of skills we need to be competitive in the global economy, legal immigration will continue to be a drag on our economy and have electoral consequences that will eventually result in the destruction of the country.

34 posted on 05/04/2012 8:31:31 AM PDT by kabar
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To: tacticalogic; NonValueAdded
Post:[in before the spelling police] the education I received and $5 will buy a cup of coffee at Starbucks. Perhaps I can get a job there as a barista.

Response: Last I heard, there were jobs going unfilled because employers couldn't find people able to comprehend written directions.


That's because the PC police and bean counters have instructed HR in the generous use of the circular file, particularly when it comes to "seasoned workers".

There is then an excuse to to bring in CHEAP guest workers or to off-shore work to third world countries where one can live well on $5K to %10K.

For years in NJ, hospital have been firing experienced, proven nurses, crying shortage, and hiring CHEAP nurses from overseas.

As an off shoot of this practice people are going into debt to get a degree in nursing and hospitals refuse to hire them because they are not experienced. What a scam!
35 posted on 05/04/2012 8:33:45 AM PDT by khelus
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To: Sequoyah101

There’s a lot of mutual back-scratching going on between women nowadays...in the boardroom AND in the bedroom!


36 posted on 05/04/2012 8:36:02 AM PDT by equaviator (There's nothing like the universe to bring you down to earth again.)
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To: SeekAndFind

Workers 55 and older have something most young workers don’t: Experience and work ethic.

Times are tough and employers don’t want to burden themselves with the costs of training inexperienced workers. They hire the best ones with experience they can and that is the over 55 crowd.


37 posted on 05/04/2012 9:29:47 AM PDT by DH (Once the tainted finger of government touches anything the rot begins)
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To: equaviator

It is the same here in the Carolinas and GA.


38 posted on 05/04/2012 9:33:50 AM PDT by wally_bert (It's sheer elegance in its simplicity! - The Middleman)
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To: equaviator

It is the same here in the Carolinas and GA.


39 posted on 05/04/2012 9:34:11 AM PDT by wally_bert (It's sheer elegance in its simplicity! - The Middleman)
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To: SeekAndFind

This is what I would tell anybody graduating from college....You must begin to prepare now to work for yourself by the age of 40. That means saving money, gaining relevant experience, and networking up the wazoo from Day One. By the time you reach 40, you should be ready financially and experience-wise to make the leap.


40 posted on 05/04/2012 9:41:11 AM PDT by dfwgator (Don't wake up in a roadside ditch. Get rid of Romney.)
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To: wally_bert

Carolina and Georgia, eh? The South shall not rise again. Instead, it will sit in a bubble bath surrounded by candles and Potpouri.


41 posted on 05/04/2012 10:07:14 AM PDT by equaviator (There's nothing like the universe to bring you down to earth again.)
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To: Big Giant Head

Ping!


42 posted on 05/04/2012 11:37:24 AM PDT by Marie Antoinette (Newt Gingrich 2012 - The Man With a Plan)
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